Importance of Studying the Business Environment. - 684 Words

BUSINESS ENVIRONMENT. The business environment is the aggregate of all conditions, events, and influences that surround and affect a business firm. Business environment generally refers to the external factors affecting, either positively or negatively, the operation of a firm. The most important external factors include economic, legal, political, social and technological factors Business environment is classified as follows:- (a) Internal Environment: These are the environmental factors which include :- (i) Man (ii) Machine (iii) Material (iv) Material (v) Management (b) External Environment : they are classified as†¦show more content†¦A firm may be strong in certain areas; where as it may be weak in some other areas. The firm should identify sue weakness so as to correct them as early as possible. (3) Identification of Opportunities: An analysis of the external environment helps the business firm to identify the opportunities in the market. The business firm should make every possible effort to grab the opportunities as and when they come. (4) Identification of Threats: Business may be subject to threats from competitors and others. Therefore environmental analysis helps to identify threats from the environment identification of threats at an earlier date is always beneficial to the firm as it helps to defuse the same. (5) Exploitation of Business Opportunities: Environment opens new opportunities for the expansion of business activities. Study of environment is necessary in order to discover and exploit such opportunities fully. (6) Keeping Business Enterprise Alert: Environment study is needed as it keeps the business unit alert in its approach and activities. In the absence of environmental changes, the business activities will be dull and lifeless. The problems amp; prospects of business can be understood properly through the study of business environment. This enables an enterprise to face the problems with confidence and secure the maximum benefits of business opportunities available. (7) Keeping Business FlexibleShow MoreRelatedReflective Report : Look The Module Description845 Words   |  4 Pageswould like to address here in this report some the most importance elements about what I have learned in this course up to now(MSc in public service). meanwhile, it must be said that some of these knowledge acquired is due to the environment surrounding me. 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